RFID Locks Market Types and Applications, Outlook, Industry Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies and Forecast

In terms of revenue, the global RFID Locks Market was valued at US$ 3,585.11 million in 2019 and it is projected to reach US$ 8,779.61 million by 2027; it is expected to grow at a CAGR of 12.6% from 2020 to 2027.

Technological innovations, strong economy, and emerging technologies facilitate development of latest & convenient solutions for end-users. The scope of using advanced access solutions, such as RFID looks, is gaining high traction. The inclination toward procurement of electromechanical products over traditional locking systems has increased drastically, which is expected to continue and offer various growth opportunities to users of smart locking systems. Hence, the lock manufacturers are incorporating smart technology in their electronic locks to make it smart. Therefore, emergence of RFID locks, which can be accessed through smartphones is receiving high momentum. Smartphone use or voice command are a few better methods of opening/closing doors while omitting demand for key. Growth in smartphone penetration is expected to promote the use of RFID locks among target end-users.

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Analysis of the Top Market Players:

1. Assa Abloy AB
2. Bai Fu Co. Ltd.
3. Digilock (Security People Inc.)
4. Dormakaba Group
5. Euro-locks SA NV (Lowe and Fletcher Group)
6. Godrej and Boyce Manufacturing Company Ltd.
7. Onity Inc.
8. Qilocks Equipment Ltd.
9. Samsung
10. Senseon (Accuride International Inc.)

In this report, the market has been segmented on the basis of:

Access Device (Key Cards, Mobile Phones, and Key Fobs)
End User (Hospitality, Residential, Manufacturing, Retail, Automotive, Aerospace & Defense, Government & Public Utility, and Others), and Geography

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Additionally, as a keycard reader has a potential to read locks from a few inches away, the RFID locks with key cards are increasingly being preferred by users. Furthermore, growing number of hotels in countries, such as the US, the UAE, and Saudi Arabia, is anticipated to fuel the adoption of RFID locks in hotel rooms at a rapid pace. The global consumer electronics market is strongly driven by the significant adoption of smartphones among people of all age groups. The developing countries in APAC, the MEA, and South America are experiencing a substantial rise in number of smartphone users owing to increasing availability of low-cost smartphones. Also, the Netherlands, Sweden, Australia, the US, Spain, Germany, the UK, and France are among the advanced economies where smartphone ownership is high owing to rising disposable income.

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